No, he means it "fucks with your intuition" in the same way as poker, but potentially more confusing because the probabilities are not known. For example, in p

No, he means it "fucks with your intuition" in the same way as poker, but potentially more confusing because the probabilities are not known. For example, in poker you may call with pocket Kings and lose, yet with hindsight it is still clear that you made the right decision. The probabilities say so. In investing, even after you lose money, it can sometimes be quite difficult to determine if you made a mistake or not, since the probabilities are never known. For example, did Mohnish Pabrai and Guy Spier make a mistake with Horsehead Holdings? The only clear mistake I can see is Pabrai's position sizing, but it is not clear to me whether the investment itself was a mistake or not.